PSA returns to FY net profit, beats target

PARIS: French carmaker PSA Peugeot Citroen on Wednesday posted a full-year net income of 1.134 billion euros ($1.55 billion), versus a previous year loss of 1.161 billion euros.

The carmaker said full year recurring operating income reached 1.796 billion euros, beating the target of over 1.5 billion euros it had previously set.

Recurring operating income for its automotive division reached 621 million euros, compared with a 1.257 billion euro loss the previous year.

It said it was targeting an improvement in automotive recurring operating income in 2011, and positive free cash flow for the group.

The company said it would enter the Indian market with commercial and industrial operations.